Zodiac Gold Granted License Renewal for its Flagship Todi Property and Completes Phase II Drill Program

Toronto, Ontario--(Newsfile Corp. - April 16, 2024) - Zodiac Gold Inc. (TSXV: ZAU)  ("Zodiac Gold" or the "Company") is pleased to announce it has successfully renewed its mineral exploration license MEL 9000118 for its Todi project through the Ministry of Mines and Energy, Republic of Liberia. The renewal extends the license until April 2025. MEL 9000118 covers a total area of 418.5 sq km and is located 20km from the capital city of Monrovia. With this renewal, Zodiac Gold is positioned to launch a 10,000-meter drill program to further define its Arthington target and test its other drill ready targets.

Figure 1: Location Map for Todi Project Land Package

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Drilling Update

Zodiac Gold's Phase II drill program consisted of 2,092 m of diamond drilling over 10 drill holes, focusing on drilling in the Garangbase, Deep Mine, Ambulai and Red Hill zones of its Todi Project. Zodiac Gold specifically targeted previously untested zones from near surface to deeper mineralized zones (greater than 180m depth). Zodiac Gold has now drill tested a substantial strike length spanning approximately 2,400 meters along the 300-meter wide Arthington shear zone.

The drill holes from the Phase II program were laid out to intersect, map and model the extensions of shear structures, down dip of mineralization observed along the trenches and artisanal mining pits from surface, with the intention of intersecting gold mineralization, a goal which Zodiac Gold has successfully accomplished from the results received to date.

All of the drill cores from Zodiac Gold's Phase II Program have been logged and intervals of core have been sampled. The core was sawed lengthwise, with one half bagged and sent to an independent lab for analyses, and one half retained for further inspection. On February 29, 2024, Zodiac Gold reported positive initial Phase II drill results from holes ADD023, ADD024 and ADD025 highlighting 9.14 m at 4.20 g/t Au and 10.20 m at 1.23 g/t Au, including 2.81 m at 2.95 g/t Au. Subsequently, on April 9, 2024, Zodiac Gold reported a second round of positive Phase II drill results from holes ADD026, ADD027 and ADD028 highlighting 14.67m at 1.33 g/t Au including 3.00 m at 4.38 g/t Au and 11.00 m at 1.28 g/t Au. Assay results for a final tranche of four drillholes (ADD029, ADD030, ADD031, ADD032) are pending.

Figure 2: Todi Project - Arthington Target, Drill Collar Plan View with Significant Gold Intercepts

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Management Commentary

David Kol, President & CEO of Zodiac Gold commented, "We are thrilled to announce the successful renewal of our Todi Mineral Exploration license and the completion of our Phase II drill program. The successful renewal of our license underscores the confidence and support of the Ministry of Mines and Energy, Republic of Liberia, in our vision and capabilities. With this renewed mandate, we are poised to continue our exploration activities, aiming to further delineate our targets and uncover the full potential of the Todi Project. Our Phase II drill program has yielded promising results, demonstrating the significant mineralization potential of the Arthington target and other zones within the Todi Project. These results validate our geological model by proving out the depth and extension of the Todi Shear Zone while also highlighting the prospectivity of our project area."

About Zodiac Gold

Zodiac Gold, Inc. (TSXV: ZAU) is a West-African gold exploration company focused on its flagship Todi Project situated in Liberia-an underexplored, politically stable, mining-friendly jurisdiction hosting several large-scale gold deposits. Strategically positioned along the fertile Todi Shear Zone, Zodiac Gold is developing a district-scale gold opportunity covering a vast 2,316 km² land package. The project has undergone de-risking, showcasing proven gold occurrences at both surface and depth, with five drill-ready targets and high-grade gold intercepts.

Qualified Person

Efdal Olcer, Vice President of Exploration at Zodiac Gold, is a member of the Society of Economic Geologists, Geological Society of London, Australian Institute of Geoscientists, the Society of Geology Applied to Mineral Deposits, and the Turkish Association of Economics Geologists and a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical and scientific information provided in this release.

For further information, please visit the Zodiac Gold website at www.zodiac-gold.com or contact:

David Kol
President & CEO
info@zodiac-gold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This news release includes certain "forward-looking statements" within the meaning of Canadian securities legislation.

Forward-looking statements include predictions, projections, and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Company's planned exploration programs and drill programs and potential significance of results are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company's expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital, and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials, and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events, or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate, and accordingly readers are cautioned not to place undue reliance on forward-looking statements.

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